8-K: Current report filing
Published on January 18, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 18, 2022 (
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| Item 1.01. | Entry into a Material Definitive Agreement. |
Reference is made to that certain letter agreement for a term debt facility, dated December 12, 2020 (the “Loan Agreement”), between Inhibitor Therapeutics, Inc., a Delaware corporation (the “Company”), and Mayne Pharma Ventures Pty Ltd, the Company’s majority stockholder (“Mayne Pharma”), pursuant to which Mayne Pharma provided an aggregate $231,000 credit facility to the Company (the “Facility”). The Loan Agreement and Facility were described in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 17, 2020.
On January 13, 2022, the Company executed a letter agreement with Mayne Pharma to amend the Loan Agreement and the Facility (the “Loan Amendment”). Under the terms of the Loan Amendment: (i) amount of the facility was increased by $50,000 to $281,000, (ii) the maturity date of the Facility was extended to December 31, 2022 (the “Maturity Date”), (iii) such $50,000 increase will be available for draw down from February 1, 2022 until March 31, 2022 in no less than $25,000 increments, (iv) following March 31, 2022, the outstanding amount under the Facility plus interest thereon will be amortized over equal monthly payments through the Maturity Date and (v) the parties acknowledged that the full $231,000 under the original Facility had been drawn down by the Company
Except as modified by the Loan Amendment, the terms and conditions of the Loan Agreement and the Facility remain in full force and effect.
The proceeds of the expanded Facility will be used by the Company for general working capital purposes, including the payment of a portion of previously deferred employee compensation.
The foregoing summary description of the Loan Amendment does not purport to be complete and is qualified in their entirety by reference to complete text of the Loan Amendment, a copy of which is filed as Exhibit 10.1 to Current Report on Form 8-K and are incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
| Item 9.01. | Financial Statements and Exhibits. |
Set forth below is a list of exhibits included as part of this Current Report.
| 10.1 | Letter Agreement to Amend Term Debt Facility, dated January 13, 2022, between the Company and Mayne Pharma. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
Cautionary Note on Forward-Looking Statements
This Current Report and any related statements of representatives and partners of the Company contain, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,”
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“estimates,” “intends,” “plans,” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including with respect to the amended Facility as described herein) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: January 18, 2022 | INHIBITOR THERAPEUTICS, INC. | |||||
| By: | /s/ Nicholas J. Virca |
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| Name: | Nicholas J. Virca | |||||
| Title: | President and Chief Executive Officer | |||||
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